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CGT exemption on inherited homes

Posted by Team AVS on 24 Sep, 2019  0 Comments

Inheriting a home or a legal interest in one could be the largest windfall gain that many Australians ever experience. From a tax law perspective, when someone dies a capital gain or loss does not apply when a property passes:

to the deceased person’s beneficiary
to the deceased person’s executor or other legal personal representative (LPR), or
from the deceased’s LPR to a beneficiary.

While generally no CGT applies when assets a

Rental property owners: Top 10 tips to avoid common tax mistakes

Posted by Team AVS on 18 Sep, 2019  0 Comments

The ATO is reminding rental property owners that each year it sees some fairly common mistakes being made with tax claims and the outcomes that result, in regard to investment properties. It has therefore released a list of the top 10 stumbles, and how best to avoid them.
1. Apportioning expenses and income for co-owned properties
If you own a rental property with someone else, you must declare rental income and claim expenses according to you

Tax when you’re headed overseas

Posted by Team AVS on 2 Sep, 2019  0 Comments

Most people’s “to-do” list when they are planning a trip overseas will likely include items such as travel insurance, phone chargers or taking photos of their passport — but probably the last thing on anyone’s minds will be their likely tax situation before, during or after that trip-of-a-lifetime.

However, a few simple considerations, taken in the context of your personal circumstances, may end up making quite a difference to your f

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